It is not hard to work out how successful a health business actually is.
In fact – from years of working with health business owners across many professions there is one key predictive question which will almost instantly show me how on the ball this business owner is.
How well do you know your numbers?
From experience – the best and most successful business owners know their key figures back to front – and NEVER wait for the end of the quarter (or even worse – the end of the tax year meeting with the accountant) to check the success of the business.
There are many key numbers all health business owners should be all over – each and every month – here are TEN of the best:
1.Monthly Pre Tax Profit – overall and as a % of gross
2.Therapist Utilization Rate
3.Patient Visit Average per therapist and overall
4.Average Consultations Recommending for each new patient – per therapists and overall
5.Average Consultations Booked Post initial Assessment – per therapist and overall
6. Consults Completed in Next 30 / 60 / 90 Days Post Assessment for Each Therapist
7.Monthly Admin Wage and Therapist Wage – overall and as a % of gross
8.Monthly Owner Consulting Wage – overall and as a % of gross (ie owners contribution to billings)
9.Rent and other expenses as a % of Gross – Monthly and Overall
10.Lifetime Value of Each New Client
The more of these numbers you know in your business the more control you have – and the better you are able to manage the complex juggling of staff levels, expenses, marketing and profit.
It is virtually impossible to manage any business without knowing the key data – so if you are not currently tracking this list of financial metrics – then now is the time to start.
If you are not exaclty sure of what to measure – or how to correctly calculate these numbers – then make sure you register for my remaining Australian Business Freedom Blueprint events in Melbourne and Brisbane in March – then onto the UK this May in London and Manchester.
You will leave these events knowing EXACTLY what to measure and how to measure these key metrics in your health business.
Remember to use the code BONUS to save an extra 20% at the checkout.
Australian Events – March 2017 – Melbourne – Brisbane – use this link:
UK Events – May 2017 – London and Manchester – use this link:
Have You Ordered Your Book?
Hundreds of health business owners from around the world have already ordered and devoured my new book – “How to Run a One Minute Practice“.
If you have not already ordered your copy – click on the link below to find out more and pace your order:
There is a great section in the book about P and L and KPI’s for health businesses – not to be missed.